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GBP Rallies On DUP Reports

Sterling surged strongly on Friday after reports that the Democratic Union Party (DUP) is softening its stance on the Irish backstop. The Irish backstop has been the main sticking point in the Brexit negotiations so far. However, GBP maintained gains despite the party dismissing the reports as rumors. Boris Johnson is due to meet his EU counterparts later today.

GBP/USD Gains to Stall Near Resistance

The currency pair, after consolidating near the support area of 1.2328 has managed to resume the rally. The gains have pushed GBPUSD close to the resistance area of 1.2511–1.2533. A test of this level will potentially put a lid on the gains for the moment. GBPUSD could, therefore, settle back within the range of the said resistance level and the lower support at 1.2328.

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